Triyards' Q2 net profit rises 9% to $9.9 million

SINGAPORE - Offshore vessel fabrication and engineering solutions provider Triyards Holdings' second quarter net profit rose 9 per cent to US$7.8 million (S$9.9 million).

This was despite revenue falling 6 per cent to US$74.5 million for the three months ended Feb 28.

Earnings were boosted by a 10 per cent decline in cost of sales to US$61 million, boosting its gross profit by 15 per cent to US$13.5 million.

The company said its gross profit margin increased mainly due to the contributions from its ship repair projects.

Net profit for the half-year gained 11 per cent to US$15.1 million, as revenue jumped 24 per cent to US$164.6 million.

Earnings per share for the six months ended Feb 28 was 5.11 US cents, down from 5.63 US cents previously.

Net asset value per share was 53.44 US cents as at Feb 28, up from 49.90 US cents as at Aug 31.

The company expects the next 12 months to be more challenging due to the emergence of new players in Asia, especially those from China.

Triyards shares ended at 64 cents, down by a cent yesterday. It reported its earnings after markets closed.